Speaker 1: It's now five oh seven on Wall Street. We're fifty
Speaker 1: nine degrees in Central Park. Already seeing a crash on
Speaker 1: the southbound hutch at Bartow Avenue. Details coming up in traffic.
Speaker 1: Michael Bars here now with more on what's going on
Speaker 1: in New York and around the world. Happy Friday, Michael,
Speaker 1: Happy Friday to you, Nathan. More than seventy gas stations
Speaker 1: in New Jersey are offering lower prices today as part
Speaker 1: of an effort to educate people about what might happen
Speaker 1: of self serve gas pumps are allowed in the state.
Speaker 1: Bill has also been introduced in the state legislature're calling
Speaker 1: for self service at stations with more than four pumps
Speaker 1: as gas prices rise because of inflation and the war
Speaker 1: in Ukraine. Advocacy group Fuel Your Way and J said
Speaker 1: Today's Self Served Day of Awareness aims to let drivers
Speaker 1: know that self serve could help them say between one
Speaker 1: hundred and four hundred dollars per year. What do New
Speaker 1: Jersey drivers think about self serve? Phillips, It's a major
Speaker 1: cover because you don't have to deal with the elements.
Speaker 1: The elements are the wars is better and safer if
Speaker 1: they come to you and uh the gas. New Jersey
Speaker 1: is the only state that does not allow any one
Speaker 1: other than gas station attendance to pump gas. New York
Speaker 1: households power bills are poised to surge twelve percent this summer,
Speaker 1: and they had higher electrical demand and soaring natural gas prices,
Speaker 1: according to the State Public Service Commission, that would exceed
Speaker 1: the eleven increases of the two previous summers. The new
Speaker 1: White House COVID nineteen coordinator is issuing a dire warning
Speaker 1: the US will be increasingly vulnerable to the coronavirus this
Speaker 1: fall and winter if Congress does not swiftly approve new
Speaker 1: funding for more vaccines and treatments. Dr rashist Jah says
Speaker 1: that americans immune protection from the virus is waning, the
Speaker 1: virus is adapting to be more contagious, and booster doses
Speaker 1: for most people will be necessary. When I think out
Speaker 1: to the future the rest of the country, as his
Speaker 1: virus spreads, there are places in country that have far
Speaker 1: lower levels of vaccination. I worry about what's going to
Speaker 1: happen there. Dr Rashi's job. President Biden sent a letter
Speaker 1: to the Federal Trade Commission asking the agency to look
Speaker 1: into cases of price gouging, as there's a national shortage
Speaker 1: of baby formula. The supply disruptions are due in part
Speaker 1: to a February recall of some popular brands. New York
Speaker 1: Republican at least Steponi is among members of Congress criticizing
Speaker 1: the Biden administration's handling of the crisis. This is not
Speaker 1: a third world country. This should never happen in the
Speaker 1: United States America. Representative Steponic as the FDA is now
Speaker 1: considering loosening import restrictions. Global News twenty four hours a
Speaker 1: day on air and on Bloomberg Quickday, powered by more
Speaker 1: than seven hundred journalists analysts more than a hundred twenty countries.
Speaker 1: Michael bar this is Bloomberg, Nathan. Thank you, Michael. Almost
Speaker 1: five ten on Wall Street, time for the Bloomberg Sports Update.
Speaker 1: Good morning, John Stah, Good morning Nathan. The Yankees keep winning.
Speaker 1: The pitching, as for the most part, carried them, and
Speaker 1: last night the pitching wasn't great. Hitting was a fifteen
Speaker 1: to seven win over the White Sox in Chicago to
Speaker 1: home run six RBIs for Johant Carlos Stanton, home run
Speaker 1: for Aaron Judge, he drove in four Josh Donaldson, Caffie
Speaker 1: seven run eighth inning for the three run shot. Yanks
Speaker 1: have won sixteen of their last eight teen. The Mets
Speaker 1: with a four one win in Washington, so they win
Speaker 1: another series. They've played ten, they've won nine with one split.
Speaker 1: Mets home tonight for Seattle. Rangers are in Pittsburgh for
Speaker 1: Game six, and it's not known if Penguin stars Sydney
Speaker 1: Crosby will play. An upper body injury suffering Game five
Speaker 1: courtesy of a high hit by Ranger defenseman Jacob Trueba,
Speaker 1: Penn's coach Mike Sullivan clearly anchored by the hit. The
Speaker 1: Ranger coaches Gerard Glenn. I don't think you bothers him
Speaker 1: one bit. And me and he plays his game the
Speaker 1: way he plays his game. And you know, again, Troupe
Speaker 1: Jane hurt Sidney Closby. You know that's not the goal.
Speaker 1: Their goals to play physical hockey. And he was an
Speaker 1: unfortunate play, you know, So, I mean, there's no intend
Speaker 1: to hurt anybody over igor, says Durkin, back in Pittsburgh,
Speaker 1: where he gave up ten goals in three periods over
Speaker 1: games three and fources. Sturk already a finalist to win
Speaker 1: the Vezina Trophy for Best Cooley now named the finalists
Speaker 1: to win the Heart as NHL m v P three
Speaker 1: teams one of one Game six is the force of
Speaker 1: Game seven Boston Edmonton and Tampa Bay one in over time,
Speaker 1: NBA Miami one in Philadelphia to win that series, Dallas
Speaker 1: Blue out Phoenix. That series going seven. NFL schedule out
Speaker 1: Giants will open up at Tennessee and Jets will be
Speaker 1: home for Baltimore. Rich strike off. That miraculous one at
Speaker 1: the Kentucky Derby will not be in next week's Preakness.
Speaker 1: John Stashward Bloomberg Sports than thank John SMP future is
Speaker 1: now forty seven point staff futures of two D seventy eight.
Speaker 1: Nastack futures higher by two hundred fourteen points. The ten
Speaker 1: year Treasury down fifteen thirty seconds, yield two point nine
Speaker 1: zero percent. This is Bloomberg Bloomberg j Break brought to
Speaker 1: you by Peapack Private Wealth Management. Pepack Private Wealth Management
Speaker 1: knows that a portfolio is more than a collection of assets.
Speaker 1: It's a path to your future. Visit Peapack Private dot
Speaker 1: com and begin your financial legacy. Today, Markets headlines and
Speaker 1: breaking news twenty four hours a day at Bloomberg dot com,
Speaker 1: the Bloomberg Business Out and at Bloomberg Quick Take, this
Speaker 1: is a Bloombern business lash, and I'm Karen Moscow. Stocks
Speaker 1: in US stock index futures are rising after federal reserve charge.
Speaker 1: Your Ome Powell pushed back against speculation of steeper interest
Speaker 1: rate hikes. Risk sentiment is getting a boost by your
Speaker 1: rebounding cryptocurrencies. And we checked the markets every fifteen minutes
Speaker 1: throughout the trading day. On Bloomberg Guess and p Future
Speaker 1: is at forty five boys and down Future is up
Speaker 1: two hundred sixty five. Nasdack futures up two hundred five
Speaker 1: that's up one point seven percent. The decks in Germany's
Speaker 1: at one point three percent ten. Your Treasury down sixteen
Speaker 1: thirty seconds, yield two point nine zero percent, yield on
Speaker 1: the two year two point five nine percent. Nimex screwed
Speaker 1: oils up one percent or a dollar four at a
Speaker 1: hundred seven dollars, seventeen cents of barrel comex called down
Speaker 1: two tenths per cent, or four dollars at eighteen twenty
Speaker 1: sixty an ounce. The euro one point oh three nine
Speaker 1: one against the dollar. The British found is at one
Speaker 1: point to one nine and again is at one point
Speaker 1: eight seven, and bitcoin is of seven point three percent,
Speaker 1: up thirty thousand, six hundred dollars. And that's a Bloomberg
Speaker 1: business flash. Now here's Michael Barr with more on what's
Speaker 1: going on around the world. Michael, Good morning, Good morning, Karen.
Speaker 1: The Kremlin has warned it would retaliate after Finland's leaders
Speaker 1: said they favored joining NATO. Sweden could do the same
Speaker 1: within days, and a historic realignment triggered by Russia's invasion
Speaker 1: of Ukraine. House Minority Leader Kevin McCarthy and four other
Speaker 1: Congressional Republicans have been subpoena by House investigators. It comes
Speaker 1: as the January sixth Committee begins public hearings next month,
Speaker 1: but the final report due out this fall. In baseball,
Speaker 1: the Yankees were winners. The Mets beat the Nationals for one,
Speaker 1: the Orioles and A's one. In the NHL playoffs, there
Speaker 1: will be a deciding Game seven after the Bruins beat
Speaker 1: the Hurricanes five to the Rangers will try to avoid
Speaker 1: elimination in Game six to night against the Penguins. Global
Speaker 1: News twenty four hours a day on airand on Bloomberg
Speaker 1: Quick Take Power by more than twenty hundred journalists antalists
Speaker 1: more than a hundred twenty countries. Michael Barr, this is Bloomberg.
Speaker 1: Nathan alright, Michael, thank you. It is five nineteen on
Speaker 1: Wall Street Live from the Bloomberg Interactive Broker Studios. This
Speaker 1: is Bloomberg Daybreak, and as we get ready to close
Speaker 1: the books on a wild trading week, we're very pleased
Speaker 1: to be joined this morning by Matt Maylee, chief market
Speaker 1: strategist at Miller tay Back. Several days of slides of course, Matt,
Speaker 1: now we're seeing a lift for equities. Is this capitulation? Well,
Speaker 1: we certainly seem to be seeing something that that will
Speaker 1: or have seen something this week that could be viewest capitulation.
Speaker 1: And what really happened was we saw this big decline,
Speaker 1: of course in the cryptocurrencies Bitcoin and and the others
Speaker 1: out of this whole all this news about terror et cetera,
Speaker 1: and these stable coins, and what that what that cause was,
Speaker 1: you know, was margin calls. It was just four were
Speaker 1: selling margin calls. A complete capitulation in that market. The
Speaker 1: problem is that many of these UH cryptocurrencies are not
Speaker 1: particularly liquid. UH even bitcoins a lot less liquid than
Speaker 1: it used to be. So what what happens is that
Speaker 1: people are like, oh my gosh, I've got a margin call.
Speaker 1: I'm not i can't raise enough money selling this cryptocurrency.
Speaker 1: I've got to sell what I can sell. And what
Speaker 1: these these people on the cryptocurrencies don't old own old
Speaker 1: you know, old economy stocks like a General Electric or
Speaker 1: U S. Steel. They own Apple and Microsoft and the
Speaker 1: video and they were just dumping those stocks to meet
Speaker 1: their margin calls. Now that these they see that, uh
Speaker 1: that this sorry, the cryptocurrencies are bouncing back and the
Speaker 1: stabilizing and bouncing back, that forced selling is over and
Speaker 1: now that's what's causing the stock market to bounce back nicely.
Speaker 1: And this could last for a little while. So where
Speaker 1: do you see this bounce going? Then? Well, I mean,
Speaker 1: you know, nothing will comes comes in a straight line.
Speaker 1: But I remember back in March, you know, the second
Speaker 1: half of March, we've bounch know, eight percent was I
Speaker 1: think it was eight percent or even close to tempercent
Speaker 1: over to a couple of weeks. Uh, so we could
Speaker 1: see easily see something that strong. Uh The thing is,
Speaker 1: I do I'm afraid that it's it's not gonna be.
Speaker 1: We haven't seen the bottom, but because I just think
Speaker 1: the headwinds that we're facing right now are are still
Speaker 1: out there. So it is the the destabilization that we've
Speaker 1: seen in the crypto market this week. Do you think
Speaker 1: it's just driven by market calls or or margin calls?
Speaker 1: It Does it say something about what the overall stability
Speaker 1: of cryptocurrency as an asset class is. Could we be
Speaker 1: in line for more volatility going forward? Oh? Sure, the
Speaker 1: no question. I mean it's uh, you know, we haven't
Speaker 1: seen it. It's been basically trading as a risk on,
Speaker 1: risk off trade, uh for for over a year now,
Speaker 1: and and nobody really knows exactly what the fair value
Speaker 1: on the fundamental side of it is. I mean, I'm
Speaker 1: a long term bull on the cryptocurrencies, but it's really hard.
Speaker 1: Is it? Is it? You know? For bitcoin? Is it
Speaker 1: twenty thousand? It is fifteen thousands, twenty five thousand? We
Speaker 1: don't know. Because all this liquidity that the Fed provided,
Speaker 1: you know, that emergency level liquidity that they provided after
Speaker 1: long after the emergency and the economy had ended, UH
Speaker 1: took it higher than it should have. And and and
Speaker 1: so now it is trying to find a level. It's
Speaker 1: gonna take a while before it finally finds that little
Speaker 1: do you think it has some help finding that level?
Speaker 1: With what the FED Chairman J. Powell had to say yesterday,
Speaker 1: again taking the idea of seventy five basis points at
Speaker 1: least actively off the table, that's certainly const things down.
Speaker 1: It's kind of funny people go back and forth between
Speaker 1: saying when you initially took it off the table, it
Speaker 1: was it was, it was, you know, for about twenty
Speaker 1: four hours it was positive, then it was negative, now
Speaker 1: it's positive again. We're kind of all over the map,
Speaker 1: but I think it does kind of things down for
Speaker 1: a while. And and uh we again we uh. The
Speaker 1: problem is inflation is gonna be with us for a while,
Speaker 1: and in particular because of this issue of the war
Speaker 1: in Ukraine, it's now become a war of attrition. That
Speaker 1: means it's gonna last for a long time. That means
Speaker 1: the sanctions are gonna be on for a long time,
Speaker 1: and that means energy prices and food prices are going
Speaker 1: to remain high for a long time. The supply chain
Speaker 1: is gonna be disrupted for a long time, etcetera. So
Speaker 1: we still have some problems, I'm afraid. So are you
Speaker 1: looking for havens then, or do you see opportunity in
Speaker 1: this market right now? I mean for short term traders,
Speaker 1: I think there's a plenty of opportunity out there. Uh,
Speaker 1: not only in in some of these big cap names
Speaker 1: that have been you know, kind of washed out in
Speaker 1: the last couple of days, but also in the names
Speaker 1: that have just been absolutely obliterated and are down quite
Speaker 1: a bit. I mean a stock like Netflix has just
Speaker 1: been absolutely crushed and it's not like they're going out
Speaker 1: of business. Uh. But also that however, though, I'm thinking
Speaker 1: as we get this bounce, people want to use that
Speaker 1: to raise a little bit more cash. I still think
Speaker 1: we have a lot more volatility, uh for the rest
Speaker 1: of this year, and you know, get defensive playing into
Speaker 1: the areas with hard assets like the energy sector. Uh.
Speaker 1: And still you want to play a little bit defensive
Speaker 1: to don't get sucked in by uh by kind of
Speaker 1: a sharp rally just like uh, they'll be gotten back
Speaker 1: in March. Thanks Matt, as always good to talk with you.
Speaker 1: Matt Mayley, chief market strategist at Miller tay Back. As
Speaker 1: we watch stocks rise to close out the week. Right now,
Speaker 1: SMP futures are up forty six point, Staff futures up
Speaker 1: two hundred seventy three. NASTACK futures are higher by two
Speaker 1: hundred twelve points, leading the games this morning with a
Speaker 1: gain of one ten. You're treasuring now down sixteen thirty seconds,
Speaker 1: the yield two point nine zero percent, and the yield
Speaker 1: on the two year right now two point five nine.
Speaker 1: Looking at Bitcoin back above thirty thousand at thirty thousand,
Speaker 1: six hundred dollars just ahead. More on this market volatility
Speaker 1: and the January six Committee issues subpoenas to lawmakers. Top
Speaker 1: stories the morning. Just ahead, You're listening to Bloomberg gambleven
Speaker 1: three oh weather morning Fogg will give way to a
Speaker 1: few showers today with a high near seventy. More showers
Speaker 1: possible tomorrow low seventies and will be near eighty degrees
Speaker 1: with a chance for a few showers sixty two degrees.
Speaker 1: Right now, broadcasting live from the Bloomberg Interactive Broker Studio
Speaker 1: in New York, Bloomberg e Living Freedom to Washington, d C.
Speaker 1: Bloomberg to Boston, Bloomberg one six one to San Francisco,
Speaker 1: Bloomberg nine sixteen to the country, Sirius XM to the
Speaker 1: one nine team and around the globe, the Bloomberg Business
Speaker 1: and Bloomberg Radio dot Com. This is Bloomberg Daybreak. It's
Speaker 1: five thirty on Wall Street. Good morning. I'm Nathan Hagar
Speaker 1: and I'm Karen Moscow. We're just about four hours away
Speaker 1: from the open of US trading. Let's get you up
Speaker 1: to date of the news you need to know at
Speaker 1: this hour. US futures are higher as we near the
Speaker 1: end of a volatile trading week. Yesterday, the S and
Speaker 1: P five hundred came within spitting distance of a drop
Speaker 1: that would signal a bear market. Joice Chang, global Research
Speaker 1: chair at JP Morgan, expects more wild swings in the
Speaker 1: markets in least in the US could be close to speaking,
Speaker 1: but it's been going up in the rest of the world.
Speaker 1: And even if you've seen the peak for inflation, the
Speaker 1: question is where does the settle. I think that the
Speaker 1: volatility is really going to stay with us here and
Speaker 1: there's still the growth concerns as well in Europe and
Speaker 1: in China where we're taken down forecast. JP Morgan's Joyce
Speaker 1: Chang says, even if inflation has peaked, FED policy will
Speaker 1: remain hawkish and speaking of the FED, Karen J. Powell's
Speaker 1: latest comments helping the stabilize markets. The FED chair was
Speaker 1: confirmed for a second term yesterday. He says the central
Speaker 1: bank still plans to raise rates by fifty basis points
Speaker 1: at each of its next two meetings. San Francisco FED
Speaker 1: President Mary Daly's back in the idea as well, telling
Speaker 1: Bloomberg the hikes makes sense well, Nathan. Cryptocurrency is also
Speaker 1: rebounding this morning, and Bloomberg's Rained A Young joins US
Speaker 1: Live with more. Good morning, Rainy Down, Good morning, Karen.
Speaker 1: Bitcoin is trading back above the key thirty thousand level
Speaker 1: this morning, after falling to nearly twenty five thousand on Wednesday. Tether,
Speaker 1: the largest stable coin used in crypto markets to facilitate trading,
Speaker 1: is also recovering from an earlier mini crash. Major cryptos
Speaker 1: were falling with regular market sentiment, but the osion of
Speaker 1: the Terra USD stable coin kindled widespread panic, and as
Speaker 1: of today, terraform Labs has halted its Tarra blockchain and
Speaker 1: its related Luna tooken twice to come up with a
Speaker 1: plan to reconstitute the Terra network. It's lost its peg
Speaker 1: to the US dollar Live in New York. I'm rened
Speaker 1: a young Bloomberg Daybreak, All right, rened to thank you.
Speaker 1: Shares of robin Hood are also on the move this morning.
Speaker 1: Crypto billionaire Sam Bankman Freed took a nearly eight percent
Speaker 1: stake in the retail trading company, and that has robin
Speaker 1: Hood shares higher in early trading. In Washington, Nathan, the
Speaker 1: House committee investigating the January sixth insurrection is making waves.
Speaker 1: It's a peanut house GOP leader Kevin McCarthy and four
Speaker 1: other Republican lawmakers. Brad Marsh Brad Moss, partner at mark Zade,
Speaker 1: says it's a key step. This very much crossed sort
Speaker 1: of an unwritten line about the idea of Congress going
Speaker 1: after one of their own. We're in a bit of
Speaker 1: uncharted territory. We don't quite know how this will play out.
Speaker 1: I mean, we certainly know we're going to see some
Speaker 1: refusals to cooperate. There's one do some interesting constitutional issue.
Speaker 1: And Brad Moss of mark z spoke with our Washington
Speaker 1: correspondent Joe Matthew on Bloomberry Sound on Catch the program
Speaker 1: weekdays at five pm Eastern on Bloomberg Radio, try to
Speaker 1: head your local headlines and this is Bloomberg. Thanks start
Speaker 1: three on Wall Street fifty nine degrees in Central Park
Speaker 1: and Michael Barr has more on what's going on in
Speaker 1: New York end around the world. Michael, thank you very much, Nathan. Today,
Speaker 1: more than seven to gas stations throughout New Jersey are
Speaker 1: lowering their prices. It's part of an effort to demonstrate
Speaker 1: how allowing self serve at the pump could help lower
Speaker 1: gas prices. New Jersey is one of two states in
Speaker 1: the nation that does not allow drivers to pump their
Speaker 1: own gas. Bill has also been introduced in the state
Speaker 1: legislature calling for self service at stations with more than
Speaker 1: four pumps that the cast prices rise thanks to inflation
Speaker 1: and the war in Ukraine. Assemblywoman Carol Murphy is one
Speaker 1: of the sponsors of the bills. He says the measure
Speaker 1: could solve a workers shortage issue come across is gas
Speaker 1: stations where there are closed pumps. Why because they don't
Speaker 1: have enough work force to man those pumps, which creates
Speaker 1: long lines. Assembly Woman Murphy agrees with advocacy groups that
Speaker 1: self served gas could save drivers between one hundred to
Speaker 1: four hundred dollars a year. White House COVID nineteam response
Speaker 1: coordinator Dr Chi's Jaw renewed his call for Congress to
Speaker 1: authorize more funding to find the virus. Dr Jaws warning
Speaker 1: that many Americans with waning immunity could find themselves vulnerable
Speaker 1: this fall without more preventive efforts. Obviously, if we don't
Speaker 1: get those resources, we're gonna have to make some very
Speaker 1: very difficult choices, right whatever, make difficult choices about vaccines
Speaker 1: or treatments. What do we do with tests and we
Speaker 1: really go into a fall and winter search with no
Speaker 1: testing capability, I mean, that would be a real problem.
Speaker 1: Dr John says the twenty two and a half billion
Speaker 1: dollars in COVID nineteam relief funding requested by the White
Speaker 1: House is the bare minimum that we need to get
Speaker 1: through this fall and winter without large loss of life.
Speaker 1: New York households power bills are poison surge twelve percent
Speaker 1: this summer over a year earlier, amid higher electrical demand
Speaker 1: and soaring natural gas prices that would exceed the eleven
Speaker 1: percent increases of the two previous summers. North three s
Speaker 1: s Six people have died in three fifty thousand have
Speaker 1: been treated a day after it acknowledged its first COVID
Speaker 1: nineteen cases of the pandemic. Global News twenty four hours
Speaker 1: a day on air and on Bloomberg Quick Take Power
Speaker 1: by more than hundred journalists analysts in more than a
Speaker 1: hundred twenty countries. Michael Barr, this is Bloomberg Nather. Thank you,
Speaker 1: Michael wall Street. Time for Bloomberg Sports Update with John
Speaker 1: stash Ower aany Yankees in Chicago Blue two leads. The
Speaker 1: game was seven seven going to the eighth inn. The
Speaker 1: yank scored seven runs in the eighth and they won
Speaker 1: fifteen to seven to whom run six RB I has
Speaker 1: been John Carlos Danton, the Yankee manager dar Boom expected
Speaker 1: throw two touchdowns up there on a night when Dylan
Speaker 1: sees his pitching, you know the kind of start he's
Speaker 1: been off too. But a lot of really good at
Speaker 1: bats off of him, obviously big g getting two big ones,
Speaker 1: uh to get us to get us rolling, and then
Speaker 1: you know we lost, We lost the lead. There's really
Speaker 1: good to see. Guys, just continue to push ahead. Gangs
Speaker 1: ever won sixteen the last eight teen. The Mets won four.
Speaker 1: One of Washington Mark Canneth three hits three RBIs first
Speaker 1: win for Taiwan Walker. The Miami Heat have advanced to
Speaker 1: the NBA's East Finals a game six win at Philadelphia
Speaker 1: Jimmy Butler thirty two points. LUKEA. Donson scored thirty three
Speaker 1: in Dallas. The MAVs, coming off a thirty point loss
Speaker 1: in Phoenix, won by twenties seven. That series going with
Speaker 1: a seven game will the Rangers in Penguins series goes
Speaker 1: seven games. Blue Sforts need to win game six tonight
Speaker 1: in Pittsburgh, were the pen won games three and four,
Speaker 1: seven to four and seven to two. Not known if
Speaker 1: the Pencil have Sidney Crosby tonight. He got hurt in
Speaker 1: Game five Tamma by lightning. Two time depending Stanley Cup champs,
Speaker 1: they faced elimination. They stayed a Lot five with an
Speaker 1: overtime Whatever Toronto, they'll be at least three game sevens.
Speaker 1: Also Boston and Carolina, Edmonton and l A. The NFL
Speaker 1: season will pick off with the defending champion l A
Speaker 1: Rams hosting Buffalo the Jets. Week one home for Baltimore
Speaker 1: the Giants f Tennessee. The Giants game in Dallas will
Speaker 1: be on Thanksgiving. John Stashatward Bloomberg Sports, Nathan all Right
Speaker 1: John Thanks thirty seven on Wall Street Time for the
Speaker 1: Tri State Business Report. Here's Bloomberg's d Cory. New York
Speaker 1: City Mayor Eric Adams has signed to measure delaying a
Speaker 1: requirement to disclose the minimum and maximum salary ranges and
Speaker 1: job postings. You signed it just days before the current
Speaker 1: salary disclosure law was supposed to take effect. New York
Speaker 1: City salary disclosure law will now take effect on November one,
Speaker 1: when New York households power bills are supposed to surge
Speaker 1: twelve present this summer over a year earlier amid higher
Speaker 1: electrical demand and soaring natural gas prices that would exceed
Speaker 1: the eleven present increases of the two previous summers. Would
Speaker 1: also be a return to price levels lasting in two
Speaker 1: thousand fourteen. A shortage of contrast dive for medical imaging
Speaker 1: caused by COVID lockdowns in Shanghai will force some New
Speaker 1: Jersey patients to postpone appointments. Physician orders for CT scans
Speaker 1: and other imaging with contrast are being reviewed to see
Speaker 1: if they're absolutely necessary or can be postponed. Begew Bloomberg
Speaker 1: Try State Business Report. I'm ed Corey Okay and thank you.
Speaker 1: It's five thirty eight on Wall Street. Bloomberg Radio is
Speaker 1: on the air from San Francisco to New York, London
Speaker 1: to Hong Kong. Let's check in with our global news
Speaker 1: team for some of the top stories heard on our
Speaker 1: three hundred affiliate radio stations around the world. John Soccer
Speaker 1: pretended went to New York. I'm reporting Apples pushing back
Speaker 1: against unionization efforts at its New York stories um Cornitaaho
Speaker 1: on w h A S and Louiville, Nissan is considering
Speaker 1: adding a new plant, and the US on demand for
Speaker 1: electric vehicles fine Genus Servetti And for w BB, I'm
Speaker 1: in Chicago. I'm reporting that Facebook has fuld certain augmented
Speaker 1: reality to rules for users in Illinois following privacy lawsuits.
Speaker 1: My kind had gilled Bloomberg D eight Digital inlandon the
Speaker 1: Chancellor VISI sooner because we're speaking to Blumberg's Tefneie Flanders
Speaker 1: defending the amount of financial support one off for struggling concesion.
Speaker 1: And those are some of the stories our Tyred Bloomberg
Speaker 1: journalists and analyst are working on this morning around the world.
Speaker 1: It's five thirty nine on Wall Street. The following is
Speaker 1: an editorial from Bloomberg Opinion. This editorial was written by
Speaker 1: the Bloomberg Editorial Board. US consumer prices rose eight point
Speaker 1: three percent in the year to April, only a slight
Speaker 1: decline from eight point five percent in March. Inflation, it seems,
Speaker 1: has already peaked. Now. The question is how quickly will
Speaker 1: it return to an acceptable level. At the moment, the
Speaker 1: answer appears to be not quickly enough. The Federal Reserve
Speaker 1: needs to do better. Last week, the Central Bank raised
Speaker 1: its policy interest rate by fifty basis points and said
Speaker 1: to expect more hikes, But the schedule that's led investors
Speaker 1: to anticipate would leave rates substantially negative in real terms
Speaker 1: for many months. Despite the risk that faster than expected
Speaker 1: tightening might tip the economy into recession. The Fed needs
Speaker 1: to weigh the case for firmer action and prepare investors
Speaker 1: for the possibility. The more clearly it commits itself to
Speaker 1: fighting inflation, the easier it will be. This editorial was
Speaker 1: written by the Bloomberg Editorial Board. For more Bloomberg Opinion,
Speaker 1: please go to Bloomberg dot com, Slash Opinion or Ope
Speaker 1: I n go on the Bloomberg terminal. This has been
Speaker 1: Bloomberg Opinion. Listen for Bloomberg opinion editorials every weekday at
Speaker 1: this time and terminal customers can read more at O
Speaker 1: P I n go. SP futures right now at forty
Speaker 1: one point. Staff futures up two or twenty nine. NASTAT
Speaker 1: futures are higher by one eight eight points in the
Speaker 1: tenure treasury yield now two point nine one per cent.
Speaker 1: This is Bloomberg Bloomberg eleven three oh weather, morning fog.
Speaker 1: We give way to a few showers today with a
Speaker 1: high near seventy degrees. More showers possible tomorrow, low seventies
Speaker 1: will be near eighty by Sunday, with a mix of
Speaker 1: sun and clouds and a chance for a few more
Speaker 1: showers sixty two degrees right now, Markets, headlines and breaking
Speaker 1: news twenty four hours a day at Bloomberg dot Com,
Speaker 1: the Bloomberg Business at and at Bloomberg Quick Takes a
Speaker 1: Bloomberg Business Flash. And I'm Karen Moscow and we're watching
Speaker 1: this headline crossing the Bloomberg with Elon Musk is saying
Speaker 1: that Twitter deal is temporarily on hold, pending details again
Speaker 1: he's saying the Twitter deal temporarily on hold, and we'll
Speaker 1: be keeping watch of Twitter shares. They are. We're watching
Speaker 1: Twitter shares in the early trade. Will be taking a
Speaker 1: look at those in just a moment right now though.
Speaker 1: Futures are higher and they're rising after Federal Reserve charge
Speaker 1: your own Powell pushed back against specula of steeper interest
Speaker 1: rate hikes. We check the markets every fifteen minutes throughout
Speaker 1: the trading day on Bloomberg Guess and P futures of
Speaker 1: forty one points down, futures of two hundred twenty five
Speaker 1: nasdack futures of one hundred ninety eight The decks in
Speaker 1: Germany's a one point two percent ten year treasury down
Speaker 1: fourteen thirty seconds, held two point nine zero percent, and
Speaker 1: they yield on the two year two point five nine percent.
Speaker 1: Nime X Screwed oil is up one point three percent,
Speaker 1: up a dollar forty at a hundred seven dollars fifty
Speaker 1: three cents of barrel. Comic School is down a tenth
Speaker 1: of a per cent, or two dollars twenty cents at
Speaker 1: eighteen twenty two forty anounts. The Euro one point oh
Speaker 1: three eight one against the dollar, the en one eight
Speaker 1: point nine two, and Bitcoin this morning moving higher up
Speaker 1: six point four percent at thirty thousand, three hundred eighty dollars.
Speaker 1: And that's a Bloomberg business flash. Now here's Michael Barr
Speaker 1: with more on what's going on around the world. Michael Karen,
Speaker 1: thank you very much. A new forty billion dollar round
Speaker 1: of aid Ukraine has wide bipartisan supporting Congress, but it
Speaker 1: is being held up in the Senate by one senator.
Speaker 1: Republican Senator Rand Paul of Kentucky says there should be
Speaker 1: a watch dog keeping eye on how the money is
Speaker 1: used in Ukraine, all eyes on House Minority Leader Kevin
Speaker 1: McCarthy and four of the Congressional Republican and subpoena by
Speaker 1: House investigators. The January six committee begins public hearings next month,
Speaker 1: with the final report dueout this fall. In baseball, the
Speaker 1: Yankees were winners. The Mets beat the Nationals four one,
Speaker 1: the Orioles in eighties one. In the NHL playoffs, there
Speaker 1: will be a deciding Game seven after the Bruins beat
Speaker 1: the Hurricanes five to the Rangers will try to avoid
Speaker 1: elimination in Game six tonight against the Penguins. Global News
Speaker 1: twenty four hours a day on air and on Bloomberg Quicktech,
Speaker 1: powered by more than twenty seven hundred journalist analysts more
Speaker 1: than a hundred twenty countries. How Michael Bart, this is Bloomberg. Nathan, Hi, Michael,
Speaker 1: thank you. It's five forty nine on Wall Street Life
Speaker 1: from the Bloomberg intractor Broker's studios. This is Bloomberg Daybreak.
Speaker 1: When I get you a few more details on this
Speaker 1: red headline story just crossing the Bloomberg terminal. Elon Musk
Speaker 1: saying on Twitter that are on Twitter that the deal
Speaker 1: to buy Twitter is temporarily on hold, pending details supporting
Speaker 1: his calculation that spam slash fake accounts do indeed represent
Speaker 1: less than five percent of users. That is, according to
Speaker 1: a tweet from Elon Musk linking to a Reuter's article
Speaker 1: on that story. Twitter shares are slumping as much as
Speaker 1: eleven percent in the pre market trading, while Tesla shares
Speaker 1: have jumped as high as four point nine percent. Will
Speaker 1: continue monitoring all the latest developments on that story. In
Speaker 1: the meantime, we want to get you to some of
Speaker 1: what's happening in Washington, not the least of which is
Speaker 1: j Powell winning a second term at the Federal Reserve
Speaker 1: to try to turn the hottest inflation in decades around.
Speaker 1: Emily Wilkins is with US Now, reporter for Bloomberg Government. Uh,
Speaker 1: Emily J. Powell did get a bipartisan vote of confidence
Speaker 1: in the Senate, but as he himself is acknowledging, he
Speaker 1: has a very tough job ahead. Oh, absolutely, Nathan. I
Speaker 1: mean he's got to figure out a way to get
Speaker 1: inflation to come down well also avoiding driving the country
Speaker 1: into a risk session. And I mean he has the
Speaker 1: vote of confidence right now, he has that that strong
Speaker 1: bipartisan vote that we saw the other day. Um, but
Speaker 1: it's not going to be expected to be an easy
Speaker 1: road ahead, but it's also one that's kind of desperately needed,
Speaker 1: particularly from Democrats who are facing a very difficult um
Speaker 1: election this November, who, thanks to historical precedent, are likely
Speaker 1: to lose the House. And that's exactly how much they
Speaker 1: lose it by is really going to be determined by
Speaker 1: how bad inflation is when it's time for Americans to
Speaker 1: head to the polls and sort of feeding into that
Speaker 1: inflation story or tell me if I'm wrong, This nationwide
Speaker 1: baby formulas shortage that Republicans, as we've seen just yes
Speaker 1: since yesterday, are really trying to capitalize on politically, yes,
Speaker 1: And I mean, like, let's let's be very clear here.
Speaker 1: You're seeing a lot of action both from Democrats and
Speaker 1: Republicans on this issue, and they're both kind of playing
Speaker 1: the roles that you would expect Democrats in the majority.
Speaker 1: You saw Biden meeting with groups yesterday trying to put
Speaker 1: more money towards trying to figure out ways to make
Speaker 1: sure that that formulas supply can get a boost. Obviously,
Speaker 1: this is not just a supply chain issue. This is
Speaker 1: also an issue from Abbott Industries needing to recall so
Speaker 1: many different baby formulas after numerous ones were found to
Speaker 1: be making babies and infants sick. And so this is
Speaker 1: a dual pronged issue here. You still have seen Republicans
Speaker 1: come out, uh introduced legislation and really sort of attack
Speaker 1: the Abiden administration on this. But you are also seeing
Speaker 1: Democrats scheduling hearings. We've got at least one for next week, uh,
Speaker 1: one for the week after they're going to be speaking
Speaker 1: with the f D head of the f D A.
Speaker 1: They want to be speaking with Abbott Industries on this um.
Speaker 1: And we're also potentially anticipating some additional legislation from Democrats
Speaker 1: on this that could move even sooner than that. So
Speaker 1: it's certainly that something that both parties are very focused
Speaker 1: on right now. Um. Of course, Republicans don't have the
Speaker 1: majority at this point, so there's little legislation that they
Speaker 1: can move, but they're certainly putting pressure on Democrats to
Speaker 1: address this in a meaningful capacity. Only about thirty seconds
Speaker 1: left here, Emily, but we were expecting that Ukraine Aid
Speaker 1: was going to move quickly, but it's on hold now
Speaker 1: in the Senate. What's going on? So despite bleeze from
Speaker 1: the top Democrat Chuck Schumer and the top Recoplican Mitch McConnell,
Speaker 1: Senator Rampaul stuck to his guns and said, if we
Speaker 1: don't get additional language that I want in there on
Speaker 1: an inspector general kind of overseeing this funding, I'm not
Speaker 1: going to give the okay for this to move quickly.
Speaker 1: And Nathan, you need all the hundred senators to get
Speaker 1: this through quickly. So look, Ukrainate, it's still gonna pass.
Speaker 1: It's just gonna be the middle of next week and
Speaker 1: the problem there is that about next Thursday, next Friday,
Speaker 1: the Biden administration they run out of that funding that
Speaker 1: Congress allocated for them to use on Ukraine. So that's
Speaker 1: the big thing. They have to get that funding replenished.
Speaker 1: This bill is the way to do it, and we're
Speaker 1: going to see that sometime next week. All right, Boomberg.
Speaker 1: Government reporter Emily Wilkins with us from Washington. Will be
Speaker 1: checking back with Emily in the next hour for more
Speaker 1: on what's happening in the nation's capital. That Karen, We've
Speaker 1: had some big breaking news involving the Twitter buyout by Elms. Yeah,
Speaker 1: and we're watching this tweet here from Elon Musk. He
Speaker 1: said that the Twitter deal is temporarily on hold. This
Speaker 1: is pending details supporting calculation that spam or fake accounts
Speaker 1: do indeed represent less than five percent of users. This
Speaker 1: again according to Elon Musk in a tweet just moments ago,
Speaker 1: and Twitter shares were watching those in the early trade
Speaker 1: there down about nine right now, while Tesla shares are
Speaker 1: moving higher around up around five percent. If we want
Speaker 1: to get to a legal story, we're watching this morning.
Speaker 1: Celebrity chef Mario Batali was found not guilty of indecent
Speaker 1: assault and battery this week. This after a woman accused
Speaker 1: him of groping her while taking selfies in a Boston
Speaker 1: bar in but Tally chose to have a judge decide
Speaker 1: his case rather than a jury, and Boston Municipal Court
Speaker 1: Judge James Stanton agreed with the defense lawyers that the
Speaker 1: accuser had credibility issues and acquitted Batali of the charges.
Speaker 1: There is still the matter of the fifty tho dollar
Speaker 1: civil lawsuit the accuser filed against Patali. For more, Bloomberg's
Speaker 1: June Grasso speaks to Bobby Shamullian, founding attorney of My
Speaker 1: Law Rights law Group. The vast majority of criminal defendants
Speaker 1: asked for a jury trial, but Tally wanted a judge
Speaker 1: to decide his case. What was behind that decision? This
Speaker 1: case involved a serious gamble by the defense. They bet
Speaker 1: that a bench trial would be better for the defense
Speaker 1: side rather than leaving up to a panel of jurors.
Speaker 1: That means that the judge was the trier of fact
Speaker 1: meaningless fact finders in addition to deciding the law. I
Speaker 1: feel likely this was because he and his team didn't
Speaker 1: want a jury to lump him in together with other
Speaker 1: celebrities accused of behaving badly like Bill Cosby, Harvey Weinstein,
Speaker 1: Cuba Gooding Jr. Who just pled guilty. Of course, the
Speaker 1: allegations in the Cosby and Weinstein crimes were much worse.
Speaker 1: It still, let's talk about the defense. The defense attacked
Speaker 1: the credibility of the excuser. Explain their argument. This kind
Speaker 1: of ties into the reason I feel his team went
Speaker 1: with a bench trial rather than a jury trial. I
Speaker 1: feel that they felt the text messages that they were
Speaker 1: going to get into evidence would do far better in
Speaker 1: the hands of this judge. There was excellent work on
Speaker 1: by the defense to challenge the accuser credibility. Mainly she
Speaker 1: was confronted with her prior text messages with friends joking
Speaker 1: about the encounter and the nine in question, and they
Speaker 1: discussed ways to potentially profit from it by selling it
Speaker 1: to the media like TMZ selling them photos and the story.
Speaker 1: It didn't end there. It was revealed and cross examination
Speaker 1: by the defense that the accuser tried to get out
Speaker 1: of jury duty by claiming she was a clairvoyance. I've
Speaker 1: heard some creative ways to get out of jury duty,
Speaker 1: this one I won't forget. The defense asked her if
Speaker 1: she made those statements on the stand before. She said
Speaker 1: she did, than they asked her if it was true.
Speaker 1: She replied yes to some degree. I really feel the
Speaker 1: judge hearing this testimony suayed him towards the defense. Now,
Speaker 1: as far as the civil case, the standard of proof
Speaker 1: is much lower. Could she actually win the civil case
Speaker 1: even though the prosecution lost the criminal case? That's certainly possible.
Speaker 1: A criminal case deals with a much higher standard. The
Speaker 1: prosecution in this case how to prove their case that
Speaker 1: Mr vitally caused an indecent assault and battery beyond a
Speaker 1: reasonable doubt, And these cases can be difficult for the
Speaker 1: prosecution to prove. And as Bobby Shamilian, founding attorney of
Speaker 1: My Law Rights Law Groups, speaking at the Bloomberge doing Grosso,
Speaker 1: catching more of that interview plus analysis of the latest
Speaker 1: legal news my subscribing to the Bloomberg Law podcast or
Speaker 1: downloading the show at Bloomberg dot com slash podcast. Attorneys
Speaker 1: can find exceptional legal research and business development tools Bloomberg
Speaker 1: Law dot com and on the Bloomberg terminal at v
Speaker 1: law Go. And they continue to watch Twitter shares there
Speaker 1: down nine this morning after Elon must said that Twitter
Speaker 1: deal is temporarily on hold. We're going to continue to
Speaker 1: watch those shares and have more details on that story
Speaker 1: straight ahead, as Bloomberg Daybreak continues on a day when
Speaker 1: futures are on the rise. S and P future is
Speaker 1: up thirty six points this morning. And this is Bloomberg